'India's global clout growing because of internal strength': PK Mishra

New Delhi: The world economy is facing a raft of complex challenges, including disruptions in supply-chains, protectionist policies, heightened geopolitical tensions and changing global trade patterns, PK Mishra, principal secretary to the prime minister, said on Saturday.

He was speaking on 'Opportunities and Challenges in the Current Geopolitical and Economic Context' at the Indian Institute of Management in Sambalpur, Odisha.

Addressing the students, Mishra said that in these challenging times, strong economic growth, young population, expanding infrastructure and technological advancement shine a light on India's internal strength. At the same time, he said, India's geopolitical influence, strategic partnerships, diaspora communities and soft power underscore its growing global clout.


Artificial intelligence (AI), machine learning, blockchain technology and industry 4.0 are no longer buzzwords in India, but a reality, he said.

India needs to create 8-10 million quality jobs per year and align skilling with industry needs, Mishra said.

The goal of turning India into a $5 trillion economy by 2047, he said, isn't just about realising a gross domestic product (GDP) milestone but also about lifting millions out of poverty and ensuring world-class infrastructure, energy security and digital empowerment. India has remained the world's fastest-growing major economy for the past four years, having achieved an average annual growth rate of more than 8%. The International Monetary Fund expects it to retain this status at least for the next two years.

Manufacturing resurgence

Mishra said production-linked incentive schemes across sectors, including electronics, pharmaceuticals and solar, are driving a manufacturing resurgence, opening up opportunities in operations, logistics and supply-chain strategy.

India's information technology exports have exceeded the critical $200-billion mark and the country's pharmaceutical prowess remains a lifeline for the world, he said. He also said that India is becoming a global innovation powerhouse. With more than 100 unicorns, it's the world's third-largest startup ecosystem, he said.

Mishra underscored Prime Minister Narendra Modi's call for taking the country to the next level through the process of "reform, perform and transform".

He called on students to "be managers who can manage not only businesses but also values, diversity and change".